Daily Current Affairs – 2 February, 2022

In News  The Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs has been extended till March 2023 along with an enhanced guarantee cover by Rs 50,000 crore to take the total limit of the scheme to Rs 5 lakh crore from Rs 4.5 lakh earlier. About  ECLGS has provided the much-needed additional credit to more […]

In News Recently, ‘Bomb cyclone’ hit eastern US triggering transport chaos and outages. What is a Bomb Cyclone? It is used by meteorologists to indicate a mid-latitude cyclone that intensifies rapidly.  It is a massive winter storm hammering the coast, bringing strong winds, flooding, ice and snow.  It is a combination of rapidly declining pressure […]

In News  In a move to enhance exports, the government will rewrite a new law to replace the existing Special Economic zones (SEZ) Act. Objectives and need  The current legislation is over 16 years old and the legislation was framed under different circumstances and a lot has changed since then. Rules are complicated and there […]

In News  A new scheme, Prime Minister’s Development Initiative for North-East( PM-DevINE) was announced by the Union Minister for Finance & Corporate Affairs while presenting the Union Budget 2022-23. About PM-DevINE It will be implemented through the North-Eastern Council.  North-Eastern Council (NEC) is the statutory body established after amending the North-Eastern Council Act, 1971 in […]

In News As per the Economic Survey 2021-2022, the ethanol supply in the country to enable blending with petrol is likely to reach 302 crore litres by the end of Ethanol Supply Year (ESY) 2020-2021. About The government has been promoting the use of ethanol as a blend stock with main automotive fuel like petrol […]

In News In the 2022 Budget, the Finance Minister announced the launch of the Digital Rupee — a central bank digital currency (CBDC) — 2022-23 onwards. About Central Bank Digital Currency (CBDC) Definition: CBDC is a legal tender issued by a central bank in a digital form.  It is sovereign currency in an electronic form […]

In News Recently, Finance minister Nirmala Sitharaman on February 1 presented a budget worth Rs 39.45 lakh crore with massive push to infrastructure spending. Union Budget of India According to Article 112 of the Indian Constitution, the annual financial statement of a year is a statement of the estimated receipts and expenditure of the government […]

In Context  State Bank of India believes the stage is set for a Reverse Repo Normalisation in India. What is reverse repo and how does it fit into policy normalisation? Repo Rate: The (fixed) interest rate at which the Reserve Bank provides overnight liquidity to banks against the collateral of government and other approved securities […]

In  News  Hoysala temples of Belur, Halebid and Somnathapura in Karnataka have been finalised as India’s nomination for consideration as World Heritage sites for the year 2022-2023. All three Hoysala temples are protected monuments of the Archaeological Survey of India. Earlier, the UNESCO’s World Heritage Centre (WHC) had agreed to publish Hindi descriptions of India’s […]